Elevate Credit Inc. has announced the pricing of its IPO of 12.4 million common shares at $6.50 per share, down from the expected range of $12.00 per share to $14.00 per share.

The company granted underwriters an option to buy up to 1,860,000 shares. The online lender's stock began trading on the NYSE under the ticker symbol ELVT on April 6.

The offering is expected to close April 11. Net proceeds to the company will be about $69 million, or $81 million if the underwriters exercise their option to purchase additional shares, after deducting estimated underwriting discounts and commissions and estimated offering expenses. The company will use approximately $15 million to repay a portion of its convertible term notes, about $53 million to repay a portion of the outstanding amount under its financing agreement and the remainder for general corporate purposes, including to fund a portion of the loans made to its customers.

Victory Park Capital, one of the company's lenders, has agreed to acquire 2.3 million shares in the offering at the public offering price.

UBS Securities LLC, Credit Suisse Securities (USA) LLC, and Jefferies LLC are acting as joint book-running managers and as representatives of the underwriters for the offering. Stifel Nicolaus & Co. Inc. and William Blair & Co. LLC are also acting as joint book-running managers for the offering.